Upon completion of the acquisition, Hollywood will own effectively 100% of the project, with New Orleans Paddlewheels retaining a 10% residual interest payable in the event the project is ever sold.

The approval paves the way for Hollywood to move forward on plans for a $200 million casino resort in Shreveport, which includes a 400-room hotel, 30,000 square feet of casino space, an expansive Pavilion with numerous Hollywood-themed restaurants and entertainment facilities, and an adjoining retail/entertainment complex considered a cornerstone of the city's downtown revitalization. Groundbreaking ceremonies are slated for July, with completion slated for September of 2000.

"We are thrilled the gaming board supports our determination to bring an exciting and luxurious resort to the growing Shreveport/Bossier market," said Jack E Pratt, Chairman of the Board and CEO. "I want to thank Mayor Hightower and all officials and citizens of Shreveport for their patience and support of this fabulous project."

Hollywood Casino Corporation, one of the most innovative gaming companies in the nation, owns and operates two casino entertainment properties, Hollywood Casino(R) in Tunica, Mississippi and the Hollywood Casino(R) in Aurora, Illinois. Each property showcases authentic memorabilia from Hollywood blockbuster movies and offers award-winning restaurants and headline entertainment.